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January 11, 2022

Is crypto just for criminals?

So you talked about crypto with someone and they scoffed at you and said: That’s only good for criminals – drug deals, money laundry, and tax evasion.

Today, let's debunk that myth and in the process learn about the power of a permanent, public record of transactions.

Put yourself into the mindset of a criminal - money is best kept hidden from the authorities. If they don't know what was sent, where it was sent, and to whom it was sent, your life becomes much easier.

And there lies the problem with crypto for most criminal activity. Let's take Bitcoin as an example. A permanent record of every Bitcoin transaction, also called the ledger, is saved on millions of computers. Everyone can see it, and nobody can fake it. Tracing back transactions is as easy as it could possibly be for law enforcement, even easier than tracing traditional wire transfers because the information is available publicly without the need for formal requests. And yes, people can hide behind anonymous Bitcoin wallets, but turning crypto into real cash almost always requires an exchange that is highly regulated and verifies your identity.

And that's why you should not listen to people saying crypto is just for criminals, in fact it is pretty useless for them. Instead, help your friends understand the great impact crypto already has: Helping people access higher returns on their investments, creating stable currencies that anyone can use where those didn’t exist before, sending money across borders, and many, many more.

And while we are on the topic: Next time we will explain what the difference between real money and crypto actually is.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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